Large number of ‘factories’ shifted to Khafji Several Kuwaitis eye real estate properties in Saudi

KUWAIT CITY, Sept 23: A large number of Kuwaiti factories have transferred to Khafji in Saudi Arabia, reports Al-Shahed daily quoting real estate agents and industrialists. The real estate investment in Khafji has also increased remarkably and this has become worrisome for certain authorities which cannot control the movement of factories due to the high revenues they earn there. Most owners of factories took this step after experiencing difficulties in the processing of transactions in Kuwait because of the bureaucratic procedures in government institutions, in addition to the high price of industrial meters — four times the value of those in Khafji, said the real estate agents and industrialists.

Meanwhile, sources revealed several Kuwaitis expressed interest in purchasing real estate properties in Khafji after the Saudi authorities issued a decision allowing GCC nationals to buy land in the area. They pointed out investments in the area are long-term, while the infrastructure is fully developed with the best services and facilities. They added the prices of real estate properties in the area might increase in the future due to the continuous development works.